Bitcoin, Ether Start Strong on Price Chart Leading Majority Cryptocurrencies Into Gains
Crypto price charts are brimming with greens now that Russia has partially withdrawn its troops from near the Ukraine border, indicating some ease in geo-political tensions. Bitcoin opened trading at $45,811 (roughly Rs. 34.5 lakh) marking a surge of 0.35 percent on Indian exchange CoinSwitch Kuber. The world’s most-valued cryptocurrency by market cap, BTC is also minting profits on global exchanges. On CoinMarketCap for instance, Bitcoin has reaped gains of 0.44 percent to trade at $44,024 (roughly Rs. 33 lakh).
Given that cryptocurrencies are risk assets riddled with volatility, the ongoing Russia-Ukraine conflict pulled them low on price scales in recent days. After Russian President Vladimir Putin ordered the partial withdrawal of its military deployments from Ukraine borders, the risk appetite of crypto traders seems to have increased, leading to a positive market impact especially for altcoins.
Ether rose by 3.06 percent on Gadgets 360’s crypto price tracker to trade at $3,268 (roughly Rs. 2.5 lakh) on Wednesday, February 16.
In recent days, ETH has been performing in a similar pattern, usually opening with profits of around three to five percent.
Profits in Bitcoin and Ether often indicate growth for other cryptocurrencies.
Meme-based Dogecoin and Shiba Inu continue to bag gains as per the price charts.
While DOGE grew in value by 0.46 percent, SHIB climbed up the price ladder by 0.75 percent.
Binance Coin, Ripple, Cardano, Solana, and Terra also emerged as profit reapers on crypto price charts.
Only a few cryptocurrencies including Tether, USD Coin, and Binance USD opened with minor losses today.
Industry analysts are more confident than ever, about the bright future that lie ahead of the crypto sector.
“Just early into 2022, the global crypto industry already faced multiple regulatory hurdles and pushbacks from traditionalists but has stood its ground amidst uncertainties,” the research team at Indian exchange CoinDCX told Gadgets 360.
A recent report by Germany’s Deutsche Bank found that most crypto investors are steadfast holders even if prices nosedive.
“This reaffirms crypto’s stance as a store of value and a safe haven asset, similar to gold, and cementing its position as a long-term asset class,” the CoinDCX researchers added.
Meanwhile, crypto-related developments continue to make headlines in several parts of the world.
The site of Coinbase crashed after its commercial at the Super Bowl generated 20 million hits in one minute over the weekend. Coinbase ran ads alongside FTX, Bitbuy, and eToro at the US football championship, as crypto companies bet sports advertising will help them go mainstream.
In India, the crypto sector continues to face opposers.
T. Rabi Sankar, a deputy governor at the Reserve Bank of India (RBI) recently backed a full ban on crypto activities, comparing cryptocurrencies to Ponzi schemes.
A Ponzi scheme is an investment fraud that compensates existing investors with funds collected from new investors.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
